Surely, we must have better health care, health technology and patient outcomes if we pay that much, you ask? Unfortunately, we don't. A study by the influential medical journal The BMJ highlights some our issues. It concluded that medical error is the third leading cause of death in the nation — responsible for 251,000 deaths per year. That's more than suicide (41,000), firearms (31,000) and motor vehicle deaths (31,000) combined. In my own research on the topic, I was astonished to discover that the highest rated hospital for safety in my home state of California achieved a paltry 69 out of 100 successful outcomes. Simply put, we overpay for care that is at best mediocre, often unsafe, and at worst deadly.

The health care industry is in need of fundamental change and there's a real opportunity to disrupt the existing status quo. Increasing investment in smart people and companies trying to solve this cost/quality disconnect are evidenced where I live in Silicon Valley. Rock Health shows us that $8.8B (yes, that's billion) has been invested in digital health over the last two years alone. You can bet your bottom dollar that these investments will drive big changes to the system in the coming years, just as they have fostered and developed nascent technologies in other sectors. Investors, employers and consumers alike are seeking answers to gain positive health outcomes that are less costly, more efficient and ethically-driven.

#3 Medicare claims data

When CMS released Medicare claims data for the first time, it was a move of unprecedented transparency and a huge win for entrepreneurs and data scientists looking for a way to help solve the cost, value and quality dilemma. The data contains information on services and procedures provided by over 986,000 physicians and health care professionals. This offers us insight and comparisons of physicians, specialties, locations, types of medical services and procedures delivered, payment and submitted charges, and more.

Why is this a game changer? In today's society, data is king. It is already sparking a tidal wave of innovation and transparency within health care and insurance. Tools, technologies, apps, quality metrics and accountability for doctors and medical facilities are fast on the way.

#4 A new generation joins the workforce

We've gone over three of the biggest things that will usher in a new era of benefits, but the single most influential factor is the changing workforce and the introduction of Millennials. Much has been written about Millennials, but regardless of anecdotes, we certainly cannot ignore the numbers. Ninety-two million strong, they outnumber all previous generations, including baby boomers.

Goldman Sachs created a great infographic that dives into the details of this new workforce. Among the highlights for me are the trend towards delaying major life events, including marriage, buying a car, and becoming homeowners. Millennials tend to focus on access, rather than ownership (think Uber and AirBnB). Take note. Uniquely, they have less spending power compared to their parents, thanks in large part to massive student-debt — a staggering 43 percent of 25 year olds have student debt at a mean balance of over $20,900, according to the Federal Reserve.

Another key takeaway for those of us in benefits is how this generation views health and wellness. Unlike prior generations, who typically focus on the absence of disease and illness when defining health, Millennials spotlight eating right, exercising and limiting or abstaining from smoking and alcohol consumption as their definition of health.

The Goldman report defines another aspect that Millennials both expect and utilize, which is starting to have a huge impact on employee benefits: